Jul 2019

Foreign Trade Alert

Nigeria records improved Trade figures, Crude Oil still dominates Exports Nigeria recorded significant improvement in external trade as the value of Total Trade (Imports + Exports) increased by 39% from N23.2 trillion in 2017 to N32.3 trillion in 2018, according to data from the National Bureau of Statistics (NBS). Growth in Total Trade was driven Exports, which increased by 40.5% in 2018 to N19.1 trillion, accounting for 59% to Total Trade in the period. Imports, on the other hand, grew by 37.7% and was valued at N13.2 trillion in 2018. The improved performance of Exports vis-à-vis Imports led to the significant growth in Nigeria’s Trade Balance, which stood at N5.9 trillion, the highest since the recession in 2016.